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=T. r : REQUEST FOR COUNCIL CONSIDERATION Agenda Section 5 <br /> STAFF REPORT Report Number: 96-1688WS <br /> I I 01111 N <br /> 1 t1L :; Report Date: 5/2/96 <br /> . WORK SESSION MEETING DATE <br /> sA'i May 6. 1996 <br /> r S <br /> o��etr"PartneiP. <br /> Item Description: Proposal for the Housing Replacement Program using TIF <br /> Administrator's Review/Recommendation:CIS <br /> -No Comments to supplement this report <br /> -Comments attached. <br /> Explanation/Summary(attach supplement sheets as necessary) <br /> Summary: <br /> For your review, I have attached the draft Housing Replacement Program proposal. In addition, I have <br /> enclosed a letter from Jim O'Meara and a Resolution supporting the program. <br /> The Housing Replacement Program would permit the EDA to upgrade a portion of Mounds View's housing <br /> stock. The homes targeted for these programs are beyond repair or homes where the cost of repair would <br /> exceed the total value. The program would allow the EDA to purchase a substandard home, clear the site and <br /> sell the raw land to a buyer/developer team or contract services with a non-profit up front. Giving the City the <br /> efipportunity to replace smaller, lower valued homes with new, larger valued homes and eliminate the blighting <br /> uence of substandard housing fulfilling the goal to assist in the improvement of the housing stock. <br /> I have researched possible housing programs with TIF since October and after discussing options with other <br /> cities and with attorney's, it was the recommendation that a Housing Replacement program would be the best <br /> use of funds with the most impact. When Richfield and Crystal spoke to the Council at the January Work <br /> Session, they expressed the positive impact this program has had on their cities. <br /> The Housing Replacement Program accomplishes two goals: (1) The removal of homes that are beyond <br /> repair and replacing them with new larger homes; and (2) Creates a development fund, from sale of the lot, <br /> with little or no restrictions to use for other housing programs such as a revolving loan fund. With this type of <br /> program, we receive two uses out of one fund. <br /> 7-11 <br /> / <br /> , r_2/721:1, ,---'-'41'4 r.:I..1 \....-- <br /> Jennifer Bergman, Housing Inspector <br /> 0 <br />